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An update on reform of the outbound investment rules
Published on 01 Apr 11 by "THE TAX SPECIALIST" JOURNAL ARTICLE
Australia is currently undertaking a comprehensive project on reforming its "anti-tax-deferral" rules, in particular, the controlled foreign company rules, the foreign investment fund rules, the transferor trust rules, the deemed present entitlement rules and the exemption for the repatriation of profits to corporate taxpayers. The Board of Taxation has been instrumental in reviewing, and recommending changes, to these anti-tax-deferral rules. The purpose of this paper is to examine the Board's proposals and the Treasury proposals contained in its July 2010 Discussion Paper. Treasury has subsequently released a further draft of CFC and FAF rules in February 2011 – these changes are not reflected in this article. The paper deals with each group of issues examined in the Treasury Papers. These are: the operative principles at the basis of the new CFC regime; which taxpayers should be within/outside the regime; the nature of the concept of control of "controlled foreign companies"; what kinds of interests are covered by the CFC regime; timing issues; what kinds of income will be "attributable income" and whether, if the CFC has derived "attributable income", the computation of that income; and other consequential taxation issues.
Author profiles
Jane Michie
Jane Michie is an emerging non-executive director. She is an independent director of Chubb Insurance Australia, which is one of the largest general insurers in Australia. Jane is also a director of a corporate trustee for a charitable organization, a role she has held for 9 years.
In addition, Jane is a mentor & coach for emerging leaders in the corporate sector, and for women who have experienced homelessness including as a result of domestic violence.
Prior to embarking on a directorship career, Jane was a tax professional for nearly 30 years in the UK and Australia. Her most recent roles include: Global Head of Tax at BHP, Global Head of Tax at Macquarie Group and a partner of (what was) Greenwoods & Freehills.
Jane has 2 teenage sons and, in addition to her family, her passions include cycling and beach volleyball (although she advises she is not very good at either of them!)
- Current at
03 February 2023
Cameron Blackwood ATI
Cameron Blackwood, ATI, is the Head of Tax at Corrs and is a leading transactional tax expert, specialising in mergers, acquisitions, and restructures. Having advised several of Australia’s largest taxpayers, Cameron’s expertise includes cross-border issues and all aspects of employee share schemes. He has significant experience acting for public and private companies on capital management, including capital raising, return of capital, special dividends and buy-backs and debt raisings. He regularly presents at The Tax Institute and the Corporate Tax Association on M&A, management incentive plans and international tax issues and demergers. Cameron has been recognised as a leading lawyer by legal directories and publications including Chambers, The Legal 500 Asia Pacific and Best Lawyers for Tax in Australia. - Current at 30 May 2024
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